Discounted Cash Flow (DCF) Analysis Levered

Logitech International S.A. (LOGI)

$47.42

+1.59 (+3.47%)
All numbers are in Millions, Currency in USD
Stock DCF: 195.68 | 47.42 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2,566.862,788.322,975.855,252.285,481.106,799.398,434.7610,463.4512,980.0816,102
Revenue (%)
Operating Cash Flow 346.26305.184251,458.64298.32978.171,213.431,505.281,867.332,316.45
Operating Cash Flow (%)
Capital Expenditure -39.75-35.93-39.48-76.19-89.15-98.47-122.15-151.53-187.98-233.19
Capital Expenditure (%)
Free Cash Flow 306.51269.25385.521,382.45209.17879.701,091.281,353.751,679.352,083.26

Weighted Average Cost Of Capital

Share price $ 47.42
Beta 0.811
Diluted Shares Outstanding 171.78
Cost of Debt
Tax Rate 16.92
After-tax Cost of Debt 4.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.534
Total Debt -
Total Equity 8,145.57
Total Capital 8,145.57
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2,566.862,788.322,975.855,252.285,481.106,799.398,434.7610,463.4512,980.0816,102
Operating Cash Flow 346.26305.184251,458.64298.32978.171,213.431,505.281,867.332,316.45
Capital Expenditure -39.75-35.93-39.48-76.19-89.15-98.47-122.15-151.53-187.98-233.19
Free Cash Flow 306.51269.25385.521,382.45209.17879.701,091.281,353.751,679.352,083.26
WACC
PV LFCF 818.10943.791,088.801,256.091,449.09
SUM PV LFCF 5,555.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.53
Free cash flow (t + 1) 2,124.92
Terminal Value 38,425.38
Present Value of Terminal Value 26,728.21

Intrinsic Value

Enterprise Value 32,284.09
Net Debt -1,328.72
Equity Value 33,612.80
Shares Outstanding 171.78
Equity Value Per Share 195.68